Nigeria recorded a significant rise in merchandise exports during the first quarter of 2026, reaching $15.5 billion. This marks the first year-over-year increase in Q1 exports in several years. The growth was primarily driven by the export of petroleum products, which accounted for a large portion of the total value.
The Nigerian National Petroleum Authority reported that crude oil and refined petroleum products contributed significantly to the rise. This comes as the country continues to focus on diversifying its economy, though oil remains a key export.
The increase in exports reflects improved production and export efficiency in the sector. Analysts suggest that stable global oil prices and increased domestic refining capacity played a role in the growth.
The government has been pushing for economic reforms to support sustainable growth. This latest data highlights progress in the energy sector, though challenges remain in other areas of the economy.
